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Apartment rents and occupancy rates showed more improvement this quarter, according to data by Reis. National vacancy rates made one of the sharpest declines in recent history and rents were modestly increased. Despite the lackluster economic growth, "recovery in the apartment rental sector appears to be firmly rooted," said Victor Calanog, director of research for Reis.

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Shopping centers saw a slight downturn in vacancy in the fourth quarter, to 9.2%, Reis reports. In the third quarter, the vacancy rate was at an 11-year high of 9.4%. However, more retailers are expected to announce store closings in 2012. "It's too soon to pronounce a turnaround at this point," said Victor Calanog, chief economist at Reis.

Vacancies in shopping centers are still on the rise, but their pace is slowing down, giving hope that the bottom is near. Lease rates, still falling, are also starting to stabilize, according to Reis. It found that for the second quarter, rates fell 0.2% to $38.72 per square foot -- the smallest drop in seven consecutive quarters of decline. "Overall, the news is still bad but not as bad as 2009," says Victor Calanog, director of research at Reis. "We're seeing little glimmers of recovery."

Vacancies in shopping centers are still on the rise, but their pace is slowing down, giving hope that the bottom is near. Lease rates, still falling, are also starting to stabilize, according to Reis. It found that for the second quarter, rates fell 0.2% to $38.72 per square foot -- the smallest drop in seven consecutive quarters of decline. "Overall, the news is still bad but not as bad as 2009," says Victor Calanog, director of research at Reis. "We're seeing little glimmers of recovery."

Effective rents declined by 1.5% in the first quarter compared with the same period a year earlier, according to Reis. Vacancies are at a record high of 8%, fueled by high unemployment. Some landlords in response are dropping rents just to get prospective tenants through the door, says Victor Calanog, director of research at Reis.

Steadily rising vacancy rates for multifamily, office and retail properties are likely to drive more CMBS issues into delinquency and default in the U.S. this year, said research company Reis. Based upon current trends, delinquencies will rise from 1.76% in this year's first quarter to something above 6% by the end of the year, said Victor Calanog, research director at Reis.